Richard* is a successful business owner. His younger brother, Robert, was born with special needs. For the past 10 years, Richard has supported Robert, including paying the costs for his adult care facility.
LEARN HOW YOUR PLANNED GIFT CAN HELP THE AMERICAN LEGION
Richard recently learned about a special needs trust that would enable him to continue to provide Robert with the care he needs.
Richard: "I just turned 75, and Robert is 15 years younger than I am. He would be unable to meet his monthly expenses without my help. I love my brother and recently started thinking about what would happen to Robert if something were to happen to me.”
Richard and his attorney discussed a charitable remainder unitrust and special needs trust as a way to achieve Richard's goals. The unitrust would pay income to the special needs trust to support and care for Robert during his lifetime. Any remaining value in the unitrust would go to support Richard's favorite nonprofit organization.
Richard: "I liked what the attorney had to say about the special needs trust. My primary concern, of course, was taking care of Robert, but my attorney told me that this trust arrangement would produce some nice tax benefits too. I decided to fund the trust with some appreciated stock. I was able to avoid capital gains tax on the sale of the stock and reduced my income taxes because I received a charitable deduction.”
What is a charitable remainder unitrust? A charitable remainder unitrust is a trust that can be funded with your cash or other assets that provides you with income and tax benefits and supports the work of The American Legion with the remainder. You can view a video about unitrusts here.
Is a charitable remainder unitrust and special needs trust right for you? If you have a loved one with special needs and are looking for a way to provide for them today, a charitable remainder unitrust and special needs trust could help you both. You can also use a testamentary gift to fund a charitable remainder unitrust to produce an estate tax deduction. Please contact us if you have questions.
*Please note: The information above is representative of a typical donor and may or may not be an actual donor to our organization. The American Legion’s Fund Development program, a way of establishing your legacy of support while providing for your current financial needs. Consider naming The American Legion in your will or trust as a part of your personal legacy. Learn more about the process, and the variety of charitable programs you can benefit, at legion.org/plannedgiving. Clicking on “Learn more” will bring up an “E-newsletter” button, where you can sign up for regular information.
- Planned Giving